Russia’s state-run bank VTB Bank is set to sell about 20% of its stake in Cyprus-based lender RCB Bank to Otkritie Bank.
Following the completion of the sale, VTB will own a 46% stake, while the remaining shares will be held by minority shareholders.
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Dmitry Romaev, president of Otkritie Bank, said: "Becoming a shareholder of a large bank in an EU member-state will help us expand our services and offer our clients the products and services they expect."
The deal is yet to be approved by the Central Bank of Cyprus.
In 2013, VTB sold an 8% stake in Otkritie as part of its initiative to divest minority holdings in financial assets.
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